Month: November 2015

The self-storage operators that formed National Storage Affiliates are reaping the benefits of sophistication and scale that come with being part of a larger platform. In the REIT’s first full quarter since its IPO in April, the company reported same-store revenue growth of 10 percent compared to the same period last year. Same-store NOI grew…

U-Haul continues to grow its self-storage segment, with revenues climbing 17 percent during the second quarter. Parent company Amerco reported total self-storage revenue of $62 million during its second fiscal quarter ended September 30. That is up $9.1 million from the same period last year. Storage revenue made up 6.4 percent of the company’s total…

A proposed zoning change in New York City could put the brakes on self-storage development in many parts of the city. Mayor Bill de Blasio’s plan would eliminate by-right development for self-storage facilities in industrial building zones (IBZs). Along with hotels, self-storage projects would be prevented from developing in any of the city’s 21 IBZs…

Planned Developer Miami City Self Storage seeks approval to build a 100,000-square-foot self-storage facility at 18460 Pines Boulevard in Pembroke Pines, FL. The 2.85 acre site is owned by the city and will be sold to the developer if the project is approved, according to the South Florida Business Journal. The planning and zoning board…

Sales in Florida dominated self-storage acquisition activity in November. Most of the recent transactions identified by the SpareFoot Storage Beat over the last two weeks were located in the state. Public Storage purchased the 64,480-square-foot My Neighborhood Storage Center facility in Orlando, FL for $8.5 million according to property records. The facility at 10053 Lake Underhill Road…

R. Christian Sonne has been tapped to lead CBRE Group’s newly created self-storage valuation division. Sonne joins CBRE after leading self-storage valuation services at Cushman & Wakefield for more than nine years. During that time Sonne became known for his data-packed reports covering the self-storage industry. Sonne said CBRE reached out with an offer, shorty…

New supply in the self-storage supply is coming, but not quite yet. Dean Jernigan, CEO of self-storage lending firm Jernigan Capital, said during the company’s recent earnings conference call that construction starts remain muted around the country, which is driving record earnings for the public self-storage REITs. “I get out and around the country on…

NitNeil Partners is gearing up to convert an historic landmark in Louisville, KY into a self-storage facility (pictured above). The Atlanta-based developer is teaming up with local businessmen Aaron Willis and Jack Howell to redevelop the 110,000-square-foot J.F. Kurfees Paint Building at 201 East Market Street. The building was constructed in 1915 in the influential Beaux-Arts…

As developers pursue self-storage projects across the country, many are getting bogged down by red tape, according to CubeSmart CEO Christopher Marr. “I think it is just incredibly difficult to get things done,” Marr said during a conference call with analysts. “We see it on the third-party [management] side where we have contracts in hand…

A research organization known for tracking the hotel industry is turning their attention towards self-storage development. Hendersonville, TN-based STR, Inc. (formerly Smith Travel Research) has launched a new database designed to track new self-storage development and expected completion dates. Developers can contribute to the database by submitting project details on STR’s website. Industry transparency Anne…